Home / Technology / Forterra Raises $238M, Becomes Billion-Dollar Autonomous Vehicle Startup
Forterra Raises $238M, Becomes Billion-Dollar Autonomous Vehicle Startup
12 Nov
Summary
- Forterra, an autonomous vehicle startup, raises $238M in new funding
- Valuation exceeds $1 billion after this latest investment round
- Forterra's vehicles can operate individually or as a "swarm" for military use
In a major development, Forterra, a startup specializing in autonomous technology for military vehicles, has secured $238 million in a new funding round. This investment, which includes $50 million in debt, has propelled the company's valuation to over $1 billion.
Forterra's autonomous vehicles are designed to operate either individually or as part of a coordinated "swarm," enabling them to conduct surveillance and transport various payloads, including missiles and computing hardware to support AI systems. The new funding will allow the company to accelerate the production of what its CEO, Josh Araujo, describes as the "Swiss army knife" of military autonomous vehicles.
The latest investment round was led by Moore Strategic Ventures, a prominent venture capital firm. Forterra plans to use the influx of capital to further develop and scale its innovative autonomous technology, which is poised to revolutionize the way military operations are conducted on the battlefield.
